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Tuesday, December 24, 2013

SBI Life receives warning from IRDA over ad norm violation

Insurance watchdog in India, the Insurance Regulatory
and Development Authority (IRDA), on Thursday, issued a warning to SBI Life
Insurance Company Limited against violations to IRDA (Insurance Advertisements
and Disclosure Regulations) 2000.

The regulator in the warning note to private insurer said, “Your company is
also advised to adhere to the best practices and comply with the provisions of
Advertisement Regulations, Guidelines and circulars issued while releasing
insurance advertisements."

Sales leaflets of the company were in violation of advertisement norms and were
persistent in circulation for which it has issued a show cause notice earlier
in August, IRDA said in the note, adding, “Your submissions that all the checks
and balances in the form of Internal SQS Policies are in place and the stated
approach aimed at curbing the wrong practices seem to be not effective at
ground level."

Furthermore, the regulator said the Authority, however, is taking into
consideration company's assurance that it is serious about stopping circulation
of such leaflets and undertaking that it shall take all possible measures to
ensure compliance to the said regulations.